The stock of Exxon Mobil (XOM, Financial), like all energy producers, suffered during an abysmal quarter for oil prices. With what we believe are significant, long-duration reserves and an attractive posi-tion on the oil- cost curve, however, we believe Exxon is better equipped than most of its competitors to withstand lower prices. As marginal players in oil patch go into distress, Exxon’s finan-cial strength may allow it to be aggressive in acquiring attractive assets and preparing for a recovery.
From First Eagle Investment (Trades, Portfolio)'s Global Value Team first-quarter 2020 shareholder commentary.
